City of Madison - File #: 03785

• File #: 03785
• Version: 2
• Name: SUBSTITUTE-Authorizing the execution of a First Amendment to the Agreement to Purchase and Undertake Development of the Northeast Industrial Property between the City of Madison and the Center for Industry and Commerce L.L.C.
• Type: Resolution
• Status: Passed
• File created: 5/26/2006
• In control: BOARD OF ESTIMATES (ended 4/2017)
• On agenda: 6/20/2006
• Final action: 6/20/2006
• Enactment date: 6/22/2006
• Enactment #: RES-06-00537
• Title: SUBSTITUTE - Authorizing the execution of a First Amendment to the Agreement to Purchase and Undertake Development of the Northeast Industrial Property between the City of Madison and the Center for Industry and Commerce L.L.C.
• Sponsors: Santiago Rosas

Date	Ver.	Action By	Action	Result
6/20/2006	2	COMMON COUNCIL	Adopt	Pass
6/12/2006	2	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
6/12/2006	2	Finance Dept/Approval Group	Approved Fiscal Note By The Comptroller's Office (SUBSTITUTES)
6/6/2006	1	COMMON COUNCIL	Refer
5/31/2006	1	Finance Dept/Approval Group	Approved Fiscal Note By The Comptroller's Office
5/31/2006	1	Community and Economic Development Unit	Referred for Introduction
5/26/2006	1	Community and Economic Development Unit	Fiscal Note Required / Approval

Fiscal Note
The City Real Estate staff anticipates no net fiscal impact as a result of the change in the development phasing.
Title
SUBSTITUTE - Authorizing the execution of a First Amendment to the Agreement to Purchase and Undertake Development of the Northeast Industrial Property between the City of Madison and the Center for Industry and Commerce L.L.C.
Body
PREAMBLE

On November 15, 2002 the City of Madison ("City") and The Center for Industry and Commerce L.L.C. ("CIC") executed an Agreement to Purchase and Undertake Development of the Northeast Industrial Property ("Agreement") for the development of a 161-acre City-owned parcel into an industrial park. The terms of the Agreement provide, among other things, that CIC plat the entire parcel to create individual lots and acquire the land from the City in not more than seven (7) phases over ten (10) years. Each phase must contain a minimum of 23.5 gross acres (including land dedicated to the public). Prior to the purchase of each phase, the Agreement requires the City to construct public improvements (roads, water and sanitary and storm sewers) to serve each lot within the phase being acquired. As a result of the installation of public improvements to each phase being acquired, some lots located outside of the acquired phase(s) are also served by the public improvements. Under the terms of the Agreement, these lots cannot be acquired by CIC unless they are part of a minimum phase purchase of 23.5 gross acres. CIC has requested that the City amend the Agreement to provide that lots served by public improvements not be subject to the minimum phase purchase requirement of 23.5 gross acres. All other terms and conditions of the Agreement will remain unchanged and in full force and effect.

NOW, THEREFORE, BE IT RESOLVED that the Mayor and City Clerk are authorized to execute a First Amendment to the Agreement to Purchase and Undertake Development of the Northeast Industrial Property between th...